Saturday, January 22, 2011

Food Stamps as a JPMorgan Growth Industry

By Economic Collapse Blog

JP Morgan is the largest processor of food stamp benefits in the United States. JP Morgan has contracted to provide food stamp debit cards in 26 U.S. states and the District of Columbia. JP Morgan is paid for each case that it handles, so that means that the more Americans that go on food stamps, the more profits JP Morgan makes. Yes, you read that correctly. When the number of Americans on food stamps goes up, JP Morgan makes more money. In the video posted below, JP Morgan executive Christopher Paton admits that this is "a very important business to JP Morgan" and that it is doing very well. Considering the fact that the number of Americans on food stamps has exploded from 26 million in 2007 to 43 million today, one can only imagine how much JP Morgan's profits in this area have soared. But doesn't this give JP Morgan an incentive to keep the number of Americans enrolled in the food stamp program as high as possible?

There are just some things that are a little too "creepy" to be "outsourced" to private corporations. The JP Morgan executive in the interview below does his best to put a positive spin on all this, but it just seems really unsavory for a big Wall Street bank to be making so much money off of the suffering of tens of millions of Americans....

So if unemployment goes down will this ruin JP Morgan's food stamp business?

Well, apparently not. In the interview Paton says that 40% of food stamp recipients are currently working, and he seems convinced that there could be further "growth" in that segment.

So is this what America is turning into?

A place where tens of millions of the unemployed and the working poor crawl over to Wal-Mart and the dollar store every month to use the food stamp debit cards provided to them by JP Morgan?

It turns out that JP Morgan also provides child support debit cards in 15 U.S. states and they also provide unemployment insurance benefit debit cards in seven states.

Read the rest here.


  1. Now we know why the minimum income eligibility requirements for food stamps keeps getting raised.
    Good for The Empire.
    Very good for The Empire's friends !

  2. We are a society of enablers. Food stamps, food banks, welfare, income subsidies, tax refunds for non tax payers, non work payments(for life), we are fed up with this, pardon the pun. ARRRGH.

  3. Don't know why everyone isn't on food stamps...You will get something for the 50% of income the legal mafias steal from you.

  4. What about people who worked for 20 or so years paying into it? Then they had their jobs outsourced or taken over by illegal foreigners? They go out and seek work every day. They are strong, disciplined, trustworthy, integrable, etc... The other choice is to starve! It's the fault of the employers. Our employers have become the country's biggest dis - ablers around! Because of greed!

  5. They could become employers...Why do bratty people blame employers? Start your own business and hire people...Like a man would do.

  6. People who are physically and mentally whole should be ineligible from any sort of public aid. They need to be able to convince family, charities or the members of the church they belong to that their behaviorm, work ethic, character and situation merits short term subsidy while they get on their feet.

  7. Anonymous, why aren't you manning up and hiring more people? What's wrong with you?